Applications to buy

homes increase 

A gauge of U.S. mortgage applications for home purchases surged to the highest level since February as buyers seized on a small dip in borrowing costs and a greater selection of houses on the market. The measure of purchase applications jumped 12.4% in the week ended Nov. 22 to 152.9, according to data released Wednesday by the Mortgage Bankers Association. While the percentage gain was the strongest since early 2023, the data are prone to large weekly swings around holidays. The association cited the first drop in borrowing costs in nine weeks, with the contract rate on a 30-year, fixed mortgage falling slightly to 6.86%. Other pluses included a strong economy and a pickup in for-sale inventory, the group said. Several builders in recent earnings calls had also blamed uncertainty over the presidential race for keeping buyers on the sidelines. Despite the improvement in mortgage costs, rates remain about three-quarters of a percentage point higher than they were in mid-September, before the Federal Reserve reduced interest rates.

Hyundai recalls

cars, SUVs

Hyundai is recalling more than 226,000 SUVs and small cars in the U.S. because the rearview camera image may not show up on the screens. The recall covers certain Santa Fe and Elantra vehicles from the 2021 and 2022 model years. Hyundai said in documents posted Wednesday by U.S. safety regulators that solder joints on a printed circuit board can develop cracks that can worsen over time and cause the cameras to fail. That can reduce visibility and increase the risk of injury to pedestrians. Dealers will replace the cameras at no cost to owners.

Inflation gauge

rose last month

Consumer price increases accelerated last month, the latest sign that inflation’s steady decline over the past two years has stalled.  According to the Federal Reserve’s preferred inflation gauge, consumer prices rose 2.3% in October from a year earlier, the Commerce Department said Wednesday. That is up from just 2.1% in September, though it is still only modestly above the Fed’s 2% target.

1,000-year-old

markets to close

Two of London’s most famous markets — one selling fish, the other meat — are set to close in the coming years, bringing an end to traditions stretching back to medieval times. On Wednesday, The City of London Corporation, the governing body in the capital city’s historic hub, is set to present a bill to Parliament to bring an end to its responsibilities to operate the Billingsgate fish market and the Smithfield meat market, both of which have existed in some shape or form since the 11th century. That comes a day after the corporation decided not to relocate the markets to a new development just east of London in Dagenham.

— Bulletin wire reports